China's Gold Rush: A Stark Reminder of Central Banks' Shifting Priorities The recent surge in gold prices, coupled with China's announcement that it has added 650,000 ounces to its reserves, marks a significant shift in the priorities of central banks worldwide.
This trend is not new, but rather an acceleration of a strategy that has been quietly gathering pace over the past few years.
China's People's Bank has now extended its buying streak to 22 months, with a focus on diversifying its foreign exchange reserves.